Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (69,392) $ (37,798)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 22,308 33,586
Operating lease right of use assets amortization 458 529
Loss on debt extinguishment 4,140 0
Bad debt expense 69 100
Stock-based compensation expense 10,005 8,244
Amortization of debt issuance costs and non-cash interest expense 3,581 6,727
Paid in kind interest at time of debt extinguishment (29,079) 0
Capitalized interest (484) 0
Loss (gain) on derivatives 14,148 (8,593)
Non-cash interest income (1,760) (630)
Loss on disposal of assets 203 44
Loss on impairment of assets 0 71
Changes in operating assets and liabilities:    
Accounts receivable 10,663 (3,313)
Contract assets - current and long-term (15,012) (5,133)
Inventories 5,997 0
Prepaid expenses and other current assets (9,085) (1,148)
Other assets (409) 2,525
Accounts payable and accrued liabilities (8,359) (967)
Other current liabilities 9,979 194
Contract liabilities - current and long-term 33,233 1,005
Other liabilities (196) (10)
Net cash used in operating activities (18,992) (4,567)
Cash flows from investing activities:    
Purchase of property and equipment (11,959) (12,289)
Satellite work in process (21,942) (28,410)
Purchases of short-term investments (120,509) (13,488)
Proceeds from maturities of short-term investments 44,000 26,725
Net cash used in investing activities (110,410) (27,462)
Cash flows from financing activities:    
Proceeds from equity issuances, net of equity issuance costs 40,832 47,343
Proceeds from issuance of debt 185,000 20,000
Proceeds from options exercised and ESPP shares purchased 180 157
Proceeds from Warrant Exercises 10,753 0
Repayments of Debt 83,377 10,000
Payments of debt issuance costs (7,304) (632)
Withholding tax payments on vesting of restricted stock units (1,142) (967)
Net cash provided by financing activities 144,942 55,901
Net increase in cash, cash equivalents, and restricted cash 15,540 23,872
Cash, cash equivalents, and restricted cash – beginning of year 14,378 33,434
Cash, cash equivalents, and restricted cash – end of period 29,918 57,306
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 28,815 56,159
Restricted cash 1,103 1,147
Total cash, cash equivalents, and restricted cash 29,918 57,306
Supplemental disclosures of cash flow information:    
Cash paid for interest 33,519 1,208
Cash paid for income taxes 136 377
Supplemental disclosures of non-cash financing and investing information:    
Vendor financed satellite launch costs 12,750 1,500
Increase of debt principal for paid-in-kind interest 0 4,105
Accretion of short-term investments' discounts and premiums 1,760 630
Capitalized depreciation expense 875 0
Capitalized interest 484 0
Capitalized stock-based compensation 460 426
Deferred financing costs accrued but not yet paid 50 0
Adjustments to goodwill for changes in the preliminary purchase price allocation 19 0
Equity issuance costs accrued but not yet paid 0 313
Credits from LeoStella applied to satellite procurement costs 0 966
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Additions of equipment and other satellite procurement costs accrued but not yet paid $ 1,670 $ 1,606